Philippines Food & Drink Q1 2021
We believe that the Philippine food and drink sector will continue on a positive growth trajectory, despite a decelerationin food spending growth due to the high base effects in 2020 as consumers shifted their purchasing patterns amid high levels ofuncertainty due to Covid-19. We forecast non-alcoholic drinks spending growth to accelerate, driven by the strong demand forcoffee, tea and hot drinks. Alcoholic drinks consumption growth is projected to pick up in 2021 as household spending returns togrowth. Over the medium term (2021-2024), we forecast food and drinks spending growth to remain positive, supported improvingeconomic growth in 2021, ongoing government stimulus measures, better employment figures and increasing householddisposable incomes.
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